Quantitative-Analysis-Discuss-the-many-costs-that-businesses-face-today-150-words-business-and-finance-homework-help

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Quantitative Analysis for Management  12th Edition

Discussion Question

Benefits of Simulation – 150 words

Discuss the many costs that businesses face today.  Is it always practical to test new ideas via a ‘real life’ study – with participants, facilities, etc?  If not, how can a simulation be utilized to test ideas while keeping costs manageable?  

If a simulation is used, what steps are needed in order to have a successful model?